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Market may open near flat line

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 3 points at the opening bell.

Overseas, Asian stocks were little changed on Tuesday as investors continued to watch developments in U.S.-China tensions. U.S. President Donald Trump's administration announced Monday a further tightening of restrictions on Huawei, aimed at limiting the Chinese telecommunications giant's access to commercially available chips.

In US, the S&P 500 rose slightly on Monday to start the week, but fell short of a record closing high once again amid declining trading volumes and lingering concerns over a U.S. coronavirus stimulus bill and simmering U.S.-China tensions. The Nasdaq Composite hit an all-time high.

Both Democrats and Republicans have indicated they are at a stalemate over a new stimulus package. Democrats have proposed to send more than $900 billion to states and municipalities in one bill. A counteroffer from the GOP did not include any additional aid for states and local governments.

The National Associated of Home Builders noted that its housing market index climbed to 78 in August, up from 72 in July. The New York Federal Reserve Bank's Empire State Manufacturing index fell to 3.7 in August, down from 17.2 in the previous month.

Back home, key domestic benchmarks snapped their three-day losing streak and ended with modest gains on Monday. Positive global cues cheered investors. Auto and metal shares advanced. The barometer index, the S&P BSE Sensex gained 173.44 points or 0.46% at 38,050.78. The Nifty 50 index added 68.70 points or 0.61% at 11,247.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 332.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 717.62 crore in the Indian equity market on 17 August, provisional data showed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, August 18 2020. 08:18 IST